Parking lots and cellars have become gold mines

As housing is increasingly difficult to buy, investors have turned to cellars and parking lots, which are inexpensive and offer an attractive return, and require minimal management.

On one point in particular, cellars and parking have the same advantage; they do not fear deterioration. ” We can say zero worries with car parks and cellars, even if there is always the risk of falling on an unscrupulous tenant, but apart from being a deadbeat, what will he do: break the floor of the car park? We have never seen this “, assures the Club of investors in car parks and garages (CIPG). However, apart from this common point, it appears that cellars and car parks both have strengths and weaknesses.

Benefits of parking

As far as risk-taking when buying is concerned, first of all, the prize goes to the car park, the quality of which is assessed more on the basis of its dimensions than its safety (humidity, rodents, etc.). ” Buying a car park remains much less complicated than buying a cellar. An investor can more easily check if the place is accessible for his car, conversely the quality of a cellar is harder to assess “says the Club of Investors in Parking lots and Garages.

Car parks are also preferred for long-term rentals. “In general, there is less turnover for a parking space than for a cellar, unless the location of the parking lot or the price of the rent is not correct “, explains the CIPG.

Advantage at the cellar

The main advantage of the cellar is that it will be rented regardless of the location. ” A well-located parking space will certainly be rented, but the entrance ticket will be higher. Conversely, even a badly located cellar will be profitable for a furniture storage business, a booming business “, assures the CIPG.

Moreover, furniture storage is not the only activity that the cellar allows. ” We have tenants who rented a cellar during a move or during works and ended up staying longer because they realized they needed an additional room. “, remember Mathieu Patron, from Jestocke.com. And the cellar can also be divided for co-storage. ” Thus, it can be rented to several different tenants. The price per m² is then higher than for an area rented in its entirety to the same tenant. A parking lot can be more difficult to divide “says Mathieu Patron.

Proof of the superiority of the cellar, the real estate agency Valopark recently decided to transform car parks into boxes, in other words into cellars, which it considers much more profitable. ” The box allows you many other functions. You can store your equipment in a box or a temporary storage unit as part of a move or work, self storage or even clothing storage depending on the season. “explains the company. A wise choice according to the Club of investors in car parks and garages, since ” cellars offer more income per m² than a parking space “.

We would like to say thanks to the writer of this article for this outstanding web content

Parking lots and cellars have become gold mines